A bitcoin wallet transferred 750 BTC to the crypto exchange Binance within an hour on Tuesday, as whales continue a pattern of large movements.
According to The Block’s price page, bitcoin changed hands at around $111,000, valuing the asset at approximately $83.3 million on Aug. 27.
The deposit drew speculation that the holder booked millions in profit on coins first acquired around $122 each some 12 years ago, according to onchain analyst The Data Nerd via X.
Moreover, the sender address “bc1q5…9mfcm” still holds 750 BTC after the transfer, data from blockchain intelligence firm Arkham shows. It had earlier received funds from a related wallet, “bc1ql…ltg6ym”, which continues to hold roughly 2,500 BTC, valued at nearly $276.5 million. Both addresses use Bitcoin’s Bech32 “bc1q” format introduced with the SegWit upgrade, which improves error detection and supports more advanced features compared with legacy address types.
The move adds to a wave of legacy wallets that have been stirring this summer. As The Block has reported, several decade-old addresses have reemerged to shift thousands of BTC, while long-time miner wallets dating back more than 15 years have also sent coins to exchanges or fresh custody setups.
These awakenings don’t always translate to immediate selling pressure, as whales often split holdings, consolidate to new wallets, or test liquidity with partial deposits. Still, large transfers to exchanges tend to draw increased attention from traders, especially when accompanied by rising volatility or macro-driven risk-off moves across the cryptocurrency market.
In a parallel trend, some veteran “OG” holders have rotated a portion of their wealth into ether. The shift reflects a broader appetite for cryptocurrencies as institutional adoption of ETH accelerates and spot ETFs draw steady inflows.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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